American Ag Frets Over Yuan Depreciation, Dollar Strength

Capital Press: China’s currency devaluation worries ag exporters
U.S. agricultural exports to China more than doubled, from $12.1 billion in 2008 to $24.6 billion in 2014, according to the USDA. China became the No. 1 destination for U.S. agricultural exports, surpassing Canada, Mexico and Japan.

Soybeans, wheat, corn, other feeds, cotton, cattle hides, tree nuts and other horticultural products are top items headed to China.

...The U.S. ships no beef and very little pork to China but the big concern is the affect on Japan, South Korea, Taiwan and the Philippines, which do buy U.S. meat, said Joe Schuele, spokesman for the U.S. Meat Export Federation in Denver, Colo. It also could strengthen New Zealand and Australia as competitors in meat sales to Asia, he said.

...The Washington apple industry just regained access to China for Red and Golden Delicious apples last Oct. 31 only to be hampered by labor slowdowns at West Coast ports. In June, the first Washington Gala apples went to China under a new agreement that took years to achieve. The industry hopes to accelerate sales to China shortly with harvest of the 2015 crop and hopes for annual sales of 10 million boxes, worth about $200 million, in a few years.
The joys of floating currencies.

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